Central Bank Digital Currency: Considerations, Projects, Outlook

Dirk Niepelt 24 November 2021

Retail central bank digital currency has morphed from an obscure fascination of technophiles and monetary theorists into a major preoccupation of central bankers. Pilot projects abound and research on the topic has exploded as private sector initiatives such as Libra/Diem have focused policymakers’ minds and taken the status quo option off the table. In this eBook, academics and policymakers review what we know about the economic, legal, and political implications of CBDC, discuss current projects, and look ahead.

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Contents

Foreword

Introduction
Dirk Niepelt

Part I: Considerations

Central bank digital currency, bank intermediation and payments
Jonathan Chiu and Francisco Rivadeneyra

Information, privacy and central bank digital currency
Todd Keister and Cyril Monnet

Central bank digital currencies and data in the digital age: A triple imperative
Raphael Auer, Sebastian Doerr, Jon Frost, Leonardo Gambacorta and Hyun Song Shin

The right and duty of central banks to issue retail digital currency
Corinne Zellweger-Gutknecht

‘Reserves for All:’ Political rather than macroeconomic risks
Dirk Niepelt

Facing the central bank digital currency trilemma
Linda Schilling, Jesús Fernández-Villaverde and Harald Uhlig

Can central bank digital currency transform digital payments?
Antonio Fatas

Central bank digital currency: Is it really worth the risk?
Stephen G. Cecchetti and Kermit L. Schoenholtz

Central bank digital currency, FinTech and private money creation
Markus Brunnermeier and Jonathan Payne

How will digital money impact the international monetary system?
Tobias Adrian and Tommaso Mancini-Griffoli

Stablecoins as alternatives for central bank digital currency?
Quentin Vandeweyer

Part II: Projects

An overview of the Bank of Canada CBDC project
Jonathan Chiu and Francisco Rivadeneyra

The role of central banks when cash is no longer king: Perspectives from Sweden
Martin Flodén and Björn Segendorf

The Eurosystem’s digital euro project: Preparing for a digital future
Katrin Assenmacher and Ulrich Bindseil

Central bank digital currency: A solution in search of a problem?
Christopher J. Waller

On the necessity and desirability of a central bank digital currency
David Andolfatto

Building a stronger financial system: Opportunities for a digital dollar
Darrell Duffie

How to provide a secure and efficient settlement asset for the financial infrastructure of tomorrow
Andréa M. Maechler and Andreas Wehrli

Central bank digital currencies: Taking stock of architectures and technologies
Raphael Auer, Giulio Cornelli and Jon Frost

Dirk Niepelt

Director, Study Center Gerzensee; Professor, University of Bern

Events

CEPR Policy Research